Aquila Resources closes $20.75m financing

TSX- and Frankfurt-listed Aquila Resources has closed a private placement and a silver purchase agreement for total funding of $20.75-million with Orion Mine Finance. The development-stage company, which was focused on developing the 100%-owned Back Forty gold/zinc project, in Michigan's Upper Peninsula, said the proceeds from the transaction would be used to fund the next stage of development at Back Forty, including completing permitting activities, a feasibility study and further exploration.